Multifamily offer

[Quin L.]

I'm considering purchasing a 4 unit property, two 2/1's and two 1/1's with 6 single garages. It's fully occupied w/ listed rents at 600, 600, 625, 675 w/ section 8 tenants. It's in a relatively decent area. It was sold at a foreclosure auction 12/22/09 for 200K and listed about 2 months ago at 199,900. After about 3 weeks, the listing price was increased to 219,900, I'm assuming simply because everything has been increasing lately. After reading some forum threads, I should want to pay around 150K for this property based on the income, right? That just doesn't seem realistic to me though... I'd like to get it at 180K or so. What do you guys think? Listed expenses are 1,200. No interior pictures but the exterior looks pretty good. Location: Central Valley CA